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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

US Venture Wins Hyder as Japanese Concede

LCG, Aug. 18, 2000--A joint venture between U.S. utilities PPL Corp. and The Southern Co. emerged the winner yesterday in the battle for Welsh utility Hyder Plc when its Japanese competitor in the four-month bidding war, Nomura International, conceded defeat.

"We have decided not to prolong the period of uncertainty for Hyders stakeholders, particularly the employees, who have been through a great deal over the last few months," said Guy Hands, managing director of Nomuras British finance unit.

Nomura said it decided not to appeal a ruling by the British Takeover Panel that denied a petition by the Japanese bank that an offer for Hyder by Western Power Distribution Ltd. be disallowed on technicalities. Nomura had claimed that a bid by WPD of 3.65 ($5.48 U.S.) had not been submitted by last Fridays deadline.

Sources close to the regulator said the bid had reached the Takeover Panel before the deadline but internal delays led Nomura to believe it had not been delivered.

The 3.65 price for their shares is relatively good news for Hyders shareholders. Though the shares had traded as high as 10.00 less than two years ago, they were languishing in the low 1.70s when the bidding war between WPD and Nomura began in April of this year.

Hands noted the gain in Hyder shares, saying in his statement "We continue to believe there is substantial value in Hyder and at least one group of stakeholders, the shareholders, should be pleased that the share price has nearly doubled since our involvement first became public."

Hyder is saddled with about 1.8 billion ($2.7 billion) in net debt, but WPD is expected to sell off the Dwr Cymru water utility and concentrate on the Welsh companys power assets. WPD has said it will contract out Hyders water business to another British utility.

Nomura believes a sale of the water assets has been part of WPDs planning all along. In his statement, Hands said "Unfortunately Hyder was always going to be more valuable to someone willing to carry out a break-up strategy, something which, as we made clear all along, was never our intention."

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